景顺投资（Invesco）：2025加密货币市场全景报告（英文版）（50页）.pdf

1、ExploringCryptocurrenciesMarch 2025Ashley Oerth,CFAAssociate Global Market StrategistDrew Thornton,CFAHead of Solutions Thought LeadershipThis marketing communication is intended only for Professional Investors in Continental Europe(as defined in the Important information),Dubai,Jersey,Guernsey,the

2、Isle of Man,Ireland and the UK;in Hong Kong for Professional Investors,in Japan for Qualified Institutional Investors;in Israel for Qualified Clients/Sophisticated investors;in New Zealand for wholesale investors(as defined in the Financial Markets Conduct Act),in Australia for Professional or Sophi

3、sticated Investors;and in the USA for Institutional Investors.In Canada,the document is intended for Advisors and Institutional Investors.It is not intended for and should not be distributed to,or relied upon,by the public.579111315172005200720092011201320152017201920212023Sources:Bloomberg,Macrobon

4、d,US Federal Deposit Insurance Corporation,latest available data as of 29 January 2025.*US equity performance measured by the S&P 500 index,an index of large capitalization stocks in the United States between the date of release of the Bitcoin white paper,17 November 2008 and 31 January 2025.Past pe

5、rformance does not guarantee future results.An investment cannot be made directly in an index.What started it all?A financial crisis and a distrust in institutionsDistrust in the traditional financial sector spawns decentralized assetsBitcoin,the first cryptocurrency,was invented in the depths of th

6、e financial crisis as an alternative to the traditional banking system.Satoshi Nakamoto,the anonymous author(s)of the research paper that pioneered Bitcoin,approached the impending financial crisis like any other technologist:Take something fragile,inefficient,and far too large,and disrupt it.As ban